Bad Homburg, Basler Versicherungen in Germany has received approval from the country's Federal Financial Supervisory Authority (BaFin) to transfer the closed portfolio held by the German branch of Baloise Life Ltd to the Frankfurter Leben Group. The portfolio of Basler Lebensversicherungs-AG, Hamburg is not affected by the planned transaction.
Baloise had already announced that it was to sell the insurance portfolio and associated operations of the German branch of Baloise Life Ltd to the Frankfurter Leben Group. Baloise has not written any new business via this branch since 2012.
Now that the transaction has been approved by BaFin, the final precondition for completing the transfer of the life insurance portfolio to the Frankfurter Leben Group has been met. Completion is expected to take place in January 2017. The 87 employees who were responsible for this life insurance portfolio to date will join the Frankfurter Leben Group on completion of the transaction.
Insurance customers will be personally notified of the portfolio transfer upon completion. Their rights and duties under the contracts signed with Basler Leben AG will continue without change.
Traditional endowment life insurance is no longer one of Baloise's target areas for new business in Germany. It focuses on capital-efficient risk and investment-type premiums in order to achieve an optimised mix in its life insurance business.